GBPJPY decision time

10 oct. 2017

Currently GJ is being confined underneath the December 15th, 2016 daily candle high resistance of 148.50ish. Add a trendline and minor structure levels that are lining up around this area, I'm currently trading short. However, Price has recently bounced off the 50% fib retracement of the impulse move that broke the long consolidation. For this reason we have to entertain the fact that the recent bearish movement the past couple of weeks is simply a corrective structure for the next impulse move higher. There are some higher timeframe trendlines I would like to see retested before going long for a swing trade. See the comments below for the higher timeframe analysis.

10 oct. 2017

Note

Long from 148.17

11 oct. 2017

Trade fermée manuellement

Closed one position for 30 pips of profit at the retest of the previous highs. second portion was stopped out at breakeven.